I ran the numbers and ...

Matthew said:
I know a few guys that really, really, want to retire - and probably can - except for the problem of how to pay for medical before they are Medicare eligible.
Click to expand...
If they have to worry about paying insurance premiums, they're no where near ready to retire.
 
Matthew said:
They're ready - mentally, and physically - but are in that gap where the medical finances don't work.
Click to expand...
I'd venture to guess that's the dilemma of the majority of the people in the work force who are over the age of 55.
 
Yeah, I got one buddy who wants to spend what time he has left with his family, but needs to work to afford it. I know another guy who couldn't afford to retire because of his wife's cancer expenses, now she's gone and that time he wanted to spend with her is gone, too. Tough choices.
 
Insurance is expensive, I pay $1,150 a month for what is basically a bronze plan with pretty high deductibles. The deductibles go up every year if you want to stay in the $1,100 to $1,200 range. I have one daughter left on my plan.

So if you use the 4% burn rate of investment income rule for retiring, you need $350k just to cover that premium.
 
PaulS said:
Insurance is expensive, I pay $1,150 a month for what is basically a bronze plan with pretty high deductibles. The deductibles go up every year if you want to stay in the $1,100 to $1,200 range. I have one daughter left on my plan.
Click to expand...
Just curious, how how is your deductible?
 
azblackbird said:
Just curious, how how is your deductible?
Click to expand...

The deductible is $1,500/$3,000 . The out of pocket max is $5,000/$10,000. $25 co-pay to see primary, $40 to see specialist, lab tests are $40 each copay, imaging is $150 copay, of course that is after the deductible is met. It goes on and on.
 
Ghery said:
My original plan was to retire sometime between the first of next month when the house is paid off (mailed that check yesterday :D) and April of next year when I turn 66. Intel changed those plans.
Click to expand...

Congrats! intel is weird here too... when they closed the facility here a lot of folks bailed. One guy I talked to today ended up with piles of 900 MHz radios that were used on the campus. Literally piles. Moved to AZ apparently.

Everskyward said:
You can withdraw without penalty at 59 1/2, but I think that, in general, it's better to withdraw from taxable investments first.
Click to expand...

Yeah, folks who retire early have to plan for the gap and start savings and investments outside of the retirement plans -- but many folks don't think about that. Also helps if you keep track of capital gains stuff too, so you don't get hit on newer investments.

wanttaja said:
A few good aspects:
1. I'm coming in as a consultant, so won't have to put up with much of the corporate Mickey Mouse.
2. The money is good. Gawd, but the money is good.
3. It's part time.
4. It's relatively short term.
Click to expand...

My mom did that. Early retirement from the oil biz, former VP called her up and begged her to consult on a supposedly short term thing. Paid her insane money.

Four years later they said, "We can't keep you as a consultant..." so she said "Okay, bring me in as an employee. No change in salary. Plus bennies." They still hadn't finished the project nor found anyone who could do it.

She worked that way stashing cash like mad for another three years and then hit 65 and said, "enough".

So... I caution you, but I'm sure you know this... they're just as likely if they win that contract to beg you to stick around and pay you "stupid money" as not. All depends on what you want to do.
 
Matthew said:
I used to work with a guy that had enough "points" to retire and get his full pension. He kept working, because he liked it. He told everyone, including his bosses, "Get me mad three times and I'm gone!" Every time his boss, or anyone else did something he didn't like, he'd say "That's ONE!" I dunno how long he kept that up before he finally did retire.

Now, I'm *almost* to the same point.
Click to expand...

There was a guy I worked with at Martin Marietta Denver Aerospace back in the early 1980s who had a calendar over his desk. It started out with his planned retirement date marked somewhere off in the future. He marked off every day and moved the retirement date back one day every time someone or or something annoyed him. The plan was to retire when the two collided. I left MMA before that happened. I know fully understand where he was coming from.

denverpilot said:
Congrats! intel is weird here too... when they closed the facility here a lot of folks bailed. One guy I talked to today ended up with piles of 900 MHz radios that were used on the campus. Literally piles. Moved to AZ apparently.
Click to expand...

The company that bought the DuPont facility from Intel now has an auction going on for all the furnishings and fittings that Intel left behind as they are going to tear down two of the buildings (I'm assuming the office buildings) and they've got tons of stuff to dispose of. The only thing I'm tempted to bid on are a pair of framed pictures that show the evolution of the site as it was originally under construction in 1995/1996. I was involved in the construction of the environmental lab at the time. Not sure I'm going to bid, but right now $10 + 15% buyer's commission would do it.
 
You must log in or register to reply here.
Back
Top